Trump announces China tariffs on another $300B worth of goods
President Trump took to Twitter on Thursday to announce the new round of 10 percent tariffs, after U.S. representatives returned home from meeting with the delegation in Shanghai.
The president said China decided to renegotiate the deal before signing, and had agreed to buy more agricultural products from the U.S. – but has not yet done so.
Trump told reporters on Thursday that he could “always do much more” or he could “do less” with respect to tariffs, depending on what happens with the trade negotiations. He added the 10 percent rate could be lifted in stages to “well beyond 25 percent,” though his administration is not necessarily looking to do that.
The U.S. Department of Agriculture confirmed a small sale of soybeans to China on Thursday, the first in more than a year. President Xi Jinping promised to ramp up larger-scale purchases during the G-20 summit in Japan to help advance trade talks.
Trump sounded an optimistic note, classifying the dialogue as “positive” and the future as “very bright.” The White House said negotiations will continue in Washington next month.
The U.S. has already implemented 25 percent tariffs on $250 billion worth of Chinese goods.
The new round of tariffs is expected to take effect on Sept. 1.
The president has noted on Twitter that this round of tariffs could hit large U.S. corporations like Apple.
It is expected that U.S. Trade Representative Robert Lighthizer will come up with a list of items that will be subject to the tariffs.
FOX Business’ Edward Lawrence contributed to this report.